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Protection from fraud
Always read and act on warnings when making transfers, particularly with new recipients and when changing recipient details. The Payment Systems Regulator (PSR) in the UK has introduced a new mandatory reimbursement framework to protect customers from Authorised Push Payment (APP) scams.
This framework, which comes into effect on 7th October 2024 will mandate payment service providers (PSPs) to ensure victims of APP fraud are reimbursed, if eligible. The maximum reimbursement is £415,000, with a possible claim excess of up to £100. Claims must be reported within 13 months of the fraudulent transfer.
If you believe you’ve fallen victim to an APP scam, please report to us immediately using the ways listed below: • Contact us through the app • Email us at support@nomobank.com • Call us on +44 20 3991 0400
Nomo will reimburse eligible customers within 5 business days, although this period may be extended to gather necessary information if needed.
You must report the fraudulent transaction (that occurred after 7th October 2024) within 13 months. The maximum reimbursement is £415,000, with a possible claim excess of up to £100. Full reimbursement is not guaranteed if the loss exceeds this amount.
The new reimbursement requirement does not apply to:
• Transfers which take place across other payment systems (such as crypto)
• International transfers
• Transfers made for unlawful purposes
• Civil disputes (such as a disagreement on goods or services provided)
There are other exceptions to this requirement and each claim is unique. Throughout the process, we will ask you for information and once received we will either provide you with a refund or tell you we cannot provide a refund. Please contact us if you have any questions.
If we decide to refuse your claim and you do not agree with the outcome, you may have the opportunity to pursue a claim via the Financial Ombudsman Service up to 6 years from the APP scam taking place or within 3 years of becoming aware of the scam.
Each customer claim is unique, and we ensure to support the fair treatment of vulnerable customers by evaluating each customer’s circumstance. We comply with the FCA’s guidance on vulnerability and our obligations under the Consumer Duty.
If you are a vulnerable customer, you will not need to pay the claim excess of £100.
by
subsidiary of
Nomo by Bank of London and The Middle East plc (“BLME”) is a trading name of BLME. BLME is registered in England and Wales (no. 05897786), authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. BLME’s Financial Services Register number is 464292 and registered office is at 20 Churchill Place, Canary Wharf, London E14 5HJ.
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